Filip van Marnix, heer van St. Aldegonde, bijzonder aan de hand van Willem I : ter inleiding Margareta van Parma en Katharina de Medicis, Willem I en Hendrik IV /

Mode of access: Internet.

Hungarian dances : nos. 1, 3, 10 /

Mode of access: Internet.

National civic commemoration of the days of remembrance : Wednesday, April 6, 1994, noon, United States Capitol Rotunda, Washington, D.C. : dedicated to the Hungarian Jewish community decimated in the Holocaust, remembering the gypsy communities that were ravaged by Nazi Germany in 1944.

Shipping list no.: 94-0122-P.

Endogenous ownership structure:factors affecting the post-privatisation equity in largest Hungarian firms

Using a data set for the 162 largest Hungarian firms during the period of 1994-1999, this paper explores the determinants of equity shares held by both foreign investors and Hungarian corporations. Evidence is found for a post-privatisation evolution towards more homogeneous equity structures, where dominant categories of Hungarian and foreign owners aim at achieving controlling stakes. In addition, focusing on firm-level characteristics we find that exporting firms attract foreign owners who acquire controlling equity stakes. Similarly, firm-size measurements are positively associated with the presence of foreign investors. However, they are negatively associated with 100% foreign ownership, possibly because the marginal costs of acquiring additional equity are growing with the size of the assets. The results are interpreted within the framework of the existing theory. In particular, following Demsetz and Lehn (1985) and Demsetz and Villalonga (2001) we argue that equity should not be treated as an exogenous variable. As for specific determinants of equity levels, we focus on informational asymmetries and (unobserved) ownership-specific characteristics of foreign investors and Hungarian investors.

Hungarian international development cooperation:context, stakeholders and performance

This paper explores the domestic and international context of Hungary's emerging international development policy. Specifically, it looks at three factors that may influence how this policy operates: membership in the European Union (EU) and potential ‘Europeanization’, Hungary's wider foreign policy strategy, and the influence of domestic stakeholders. In order to uncover how these factors affect the country's international development policy, semi-structured interviews were carried out with the main stakeholders. The main conclusions are: (1) While accession to the EU did play a crucial role in restarting Hungary's international development policy, the integration has had little effect since then; (2) international development policy seems to serve mainly Hungary's regional strategic foreign policy and economic interests, and not its global development goals; and (3) although all the domestic development stakeholders are rather weak, the Ministry of Foreign Affairs (MFA) still seems to play a dominating role. Convergence with European requirements and best practices is, therefore, clearly hindered by foreign policy interests and also by the weakness of non- governmental stakeholders.

Neither security nor development? Czech and Hungarian identities and interests in the provincial reconstruction teams in Afghanistan

This article builds on the securitisation and post-development literature and it scrutinises the Czech and Hungarian legitimising discourses of the two countries’ respective Provincial Reconstruction Teams (PRTs) in the Logar and Baghlan provinces of Afghanistan from 2007 to 2013. In spite of the hybrid civil–military character of the PRTs, their security–development nexus was absent and they were respectively securitised and “developmentalised” only indirectly and to a varying extent. The PRTs were mostly justified by the Czech Republic's NATO membership as an identity issue and they were justified as a Hungarian national interest and as both an obligation and an opportunity. Rather than merely importing NATO's arguments as suggested by the previous literature, the depoliticisation and positive connotation of the intervention in Afghanistan was constructed by the domestic NATO-related identities and interests in the Czech Republic and Hungary.

Co-ordination and public administration in a global economy — A Hungarian point of view

The purpose of social co-ordination mechanisms is to co-ordinate the activities of individuals and organisations specialised in the distribution of work. The paper reviews five basic types of mechanisms: market, bureaucratic, ethical, aggressive and co-operative co-ordination. Today’s world operates on the basis of a duality: international cooperation is based on nation states, in which the public administrations work according to bureaucratic coordination. However, the increasingly globalised market responds to the logic of market coordination. The article argues that in terms of understanding the working of public administration, the various coordination mechanisms are of crucial importance, especially where various mechanisms meet, such as the relationship between nation states and multinational corporations.

European Union - Reforms - Hungarian interests. What kind of European Union would we like?

The lecture deals with broad topics. First, it addresses some questions related to the current state of the EU integration regarding institutions and common policies. Second, it discusses the continued importance, the main results and hindering factors related to the Lisbon Programme, with a special emphasis on the educational system in Europe and Hungary. Third, the lecture deals with some possibilities in changing the EU’s rather limited external relation models to more flexible instruments.

Neural Networks in Bankruptcy Prediction - A Comparative Study on the Basis of the First Hungarian Bankruptcy Model

The article attempts to answer the question whether or not the latest bankruptcy prediction techniques are more reliable than traditional mathematical–statistical ones in Hungary. Simulation experiments carried out on the database of the first Hungarian bankruptcy prediction model clearly prove that bankruptcy models built using artificial neural networks have higher classification accuracy than models created in the 1990s based on discriminant analysis and logistic regression analysis. The article presents the main results, analyses the reasons for the differences and presents constructive proposals concerning the further development of Hungarian bankruptcy prediction.

Logisztikai folyamatok informatikai támogatottsága Magyarországon – fókuszban a disztribúciós logisztika = Backing logistics processes with information technology – current practice and improvement possibilities at Hungarian companies

Az elemzés egy, a Budapesti Corvinus Egyetem (BCE) Logisztika és Ellátási Lánc Menedzsment Tanszéke által végzett kérdőíves felmérés eredményeit foglalja össze. A kutatás alapvető célja, hogy felmérje és bemutassa a hazai vállalatok logisztikai, ezen belül is elsősorban disztribúciós logisztikai folyamatainak informatikai oldalról történő jelenlegi támogatottsági szintjét és a következő két-három év e téren várható fejlesztési irányait. A kutatás szisztematikusan kitért a logisztikai információs rendszer valamennyi alrendszerére, vizsgálta a különböző azonosítási megoldások elterjedtségét, a vállalatirányítási rendszer, illetve egyes moduljainak használatával kapcsolatban kialakult gyakorlatot, de a logisztika stratégiai döntéseinek informatikai támogatottságát és a használt kommunikációs technikákat is. Összességében megállapíthatjuk, hogy a logisztikai információs rendszerek fejlettségi szintje ma Magyarországon közepesnek mondható, fontos megjegyezni azonban, hogy a KKV szektor e téren is jelentős lemaradással rendelkezik. Ez természetesen azt is jelent, hogy az informatikai eszközök alkalmazásának kiterjesztésével még jelentős teljesítményjavulás érhető el. = The essay summarizes the results of a survey carried out by Corvinus University of Budapest, Department of Logistics and Supply Chain Management. Aim of the survey was to analyze and describe the actual Hungarian company practice regarding the IT support of logistics – and particularly distribution – processes, and the plans of developing it within the next 2-3 years. Survey has systematically covered all fields of logistics information system, analyzed the prevalence of different identification techniques and systems. On the whole we appoint that logistics information systems applied by Hungarian companies are on satisfactory level; however it is important to tell that SME companies are in huge lag. This means that improving logistics information system hides the possibility of considerable performance development.

A magyarországi vállalatok K+F és innovációs teljesítménye = Innovation performance of the Hungarian firms

A tanulmány ökonometriai módszerekkel vizsgálja a magyarországi közép- és nagyvállalatok innovációs tevékenységét az EU-csatlakozást közvetlenül megelőző években. Fő megállapításai közé tartozik, hogy a vállalatmérettel nő az innovációs aktivitás valószínűsége; a külföldi tulajdonú cégek meghatározó szerepet töltenek be a termék- és technológiamegújításban; exportunkban csekély az aránya a magas újdonságtartalmú, K+F igényes termékeknek. Az állami támogatás segítette a termék- és technológiai megújulást. A tanulmány a IX. Ipar és Vállalatgazdasági konferencián elhangzott előadás átdolgozott változata (Kiss, 2008). = Based on logit econometrics we explore the innovation activities of the Hungarian manufacturing firms between 2001-2003. Our results suggest that the large and the foreign owned firms are the most innovative, while the export-oriented firms are less innovative. Government subsidies of innovation help the introduction of new products and processes.

The extent of the population paradox in the Hungarian electoral system

The Hungarian mixed-member electoral system, adopted in 1989, is one of the world’s most complicated electoral systems, and, as this paper demonstrates, it suffers from the "population paradox". In particular, the governing coalition may lose as many as 8 seats either by getting more votes or by the opposition obtaining fewer votes on each territorial list.

Out of credit: Evaluating the impact of the EU structural funds on Hungarian small business growth and access to finance

Totaling EUR 29 billion, Hungary is in the midst of implementing its largest economic development program in its young democratic history. At the center of the European Union led development program is an effort to revitalize and reequip Hungary’s languishing small and medium sized enterprises (SME), long the country's heart of employment. This paper examines the efficiency and impact of two Structural Fund's instruments to enhance SME development – ECOP 2.1.1 and JEREMIE. A survey of 1275 SME and interviews with dozens of top policy-makers paint a flawed development program in dire need of reform. Despite this, empirical analysis suggests JEREMIE funds may have dampened the effects of the financial crisis and are crucial for the continued liquidity of SME, who have been particularly hit hard by the world financial crisis.

Trimming the sails. The comparative political economy of expansionary fiscal consolidations. A Hungarian perspective

Provides a multidisciplinary and systematic analysis of the concept of fiscal consolidations. This book discusses the concept, suggesting that fiscal adjustment can be in trade-off with economic growth if certain conditions are met. Fiscal consolidation has significant short term costs which dampen economic growth. This widely shared consensus in literature on political economy makes fiscal adjustment highly unpopular. Benczes conducts a systematic analysis to find out whether it is possible to have fiscal consolidation and experience economic growth even in the short run.The book provides a clear, multidisciplinary and systematic analysis of the relatively new concept of the so-called expansionary fiscal consolidations. This concept suggests that fiscal adjustment can be in trade-off with economic growth if certain conditions are met. But why do only a few countries and only at certain times experience the expansionary effects, while others not at all? The necessary conditions and circumstances have been totally neglected in the literature, or analyzed only partially at best.Having evolved a theoretical framework, it is tested on a difficult case: Hungary, which has had the highest deficit in the European Union. The main question was whether Hungary has a chance to experience short term growth effects in times of adjustment. ----- Contents: List of Figures List of Tables Acknowledgements 1. Introduction Part One: A critical Assessment of the Concept of Non-Keynesian Effects 2. Stylized Facts of EU Countries’ Major Fiscal Episodes 3. An Expectational View of Fiscal Policy: A Non-Linear Approach to Fiscal Consolidation 4. The Composition of Adjustment and the Structure of Labor Markets: A Linear Approach to Fiscal Consolidation Part Two: Testing the Institutional Conditions of Non-Keynesian Effects in Hungary 5. From Goulash Communism To Neo-Kadarism: An Overview 6. Financial Intermediation in Hungary—a Comparative Perspective 7. The Structure of the Hungarian General Budget—a Decompositional Analysis 8. The Labor Market and Wage Bargaining in Hungary—the (Ir)relevance of a Social Pact 9. Conclusion References Appendices Index

Pénzgazdálkodási szokások hatása a működőtőkére (The effect of financial management habits on operating capital. The example of the Hungarian Post Office)

A hálózatos iparágakban, ahogy a postai szolgáltatásoknál is, a forgalomban lévő készpénz nagyméretű működőtőkét jelenthet. A Magyar Posta a levél- és csomagkézbesítésen kívül jelentős készpénzforgalmat bonyolít le: nyugdíjakat, segélyeket és készpénz-átutalási megbízásokat továbbít. A forgalom napi ingadozása a vállalat likvideszköz-igényét jelentősen meghatározza. A posta esetében a postahivatalok készpénzgazdálkodása jól működő hüvelykujjszabályokon keresztül történik, ezek a szabályok döntési teret hagynak a hálózat heterogén egyedi szereplőinek. Az egyedi készletezési viselkedést a vállalati működőtőke meghatározásakor figyelembe kell venni. A tanulmány az egyedi készletezési szokások modellezésére új módszertant ajánl, majd a viselkedésmintákat csoportosítva a pénzkészletezésnek, a vállalati működőtőke szintjének és a vállalati likviditási pozíciónak a kapcsolatát elemzi. / === / The cash in circulation within network industries such as post-office services can repre-sent a sizeable quantity of operating capital. The Hungarian Post Office, besides han-dling mail, handles a significant amount of cash turnover, forwarding pensions, welfare benefits, and cash orders. Fluctuation in the daily volume of these is a strong factor in determining the company's liquidity requirements. The management of cash in post of-fices is governed by rules of thumb that operate well; the regulations leave decision-making scope for the diverse individual actors in the network. Attention has to be paid to individual cash holding when determining the corporate operating capital. The study suggests a new methodology for modelling the individual cash-holding habits, and goes on to group the behaviour patterns by analysing the connection between cash holding, level of corporate operating capital, and corporate liquidity position.